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Varun Beverages Ltd.
VBLLarge CapNSEBSE
Consumer Staples · Fast Moving Consumer Goods
₹413.95down 4.80down 1.15 percentas of 28 Aug 2026
Book value ₹57.90Div yield 0.36%
Key metrics
- Market Cap
- 1,38,004.57 ₹ cr
- P/E
- 46.12 x
- P/B
- 7.15 x
- ROE
- 15.11%
- ROCE
- 16.05%
- Debt to Equity
- 0.43 x
- Net Margin
- 13.47%
- Dividend Yield
- 0.36%
- Revenue Growth (YoY)
- 20.77%
Observations
Mechanical observations generated from stored data, not analysis or opinion. Each one names the threshold that produced it — the ROCE check below uses 20%, a fixed default rather than a value tailored to this company.
- ROCE above 20% in 1 of the last 3 financial years (FY25, 2024-2025, 2025-2026).
- Revenue declined year-on-year in 1 of the last 3 years.
- Net margin grew year-on-year in each of the last 3 years.
- Promoter holding 59.4% (pledge data not available).
- Debt-to-equity 0.43 — above the Fast Moving Consumer Goods median of 0.41.
VBL
₹413.95down 1.15 percent
EOD Synced: 28 Aug 2026 18:30 ISTOverview & Live Price Chart
Executive Investment Verdict & Quality Synthesis
Autonomous V2Multi-dimensional quantitative synthesis across capital efficiency, forensic accounting, intrinsic valuation, and ownership governance.
Factual Quantitative Consensus
1. Capital Efficiency & MoatHigh ROCE Compounder
26.77%ROCE
ROE: 22.58%·P/B: 7.15x
2. Forensic Health & SolvencyPiotroski 7/9 · Strong Health
7/9Piotroski Score
Altman: 5.3 (Safe Zone)
3. Valuation & DCF Spread-66.9% Valuation Premium
₹137DCF Fair Value
CMP: ₹414.0
4. Ownership & GovernanceClean Promoter Holding
59.43%Promoter Stake
Pledged: 0.0%·Inst: 28.09%
Institutional Factor Scores
QVGM Factor Grade Matrix
Institutional Multi-Factor Profile (QVGM)
Composite 0–100 percentile ranks normalized across all 500 universe constituents
Rank #24 of 29 in Consumer StaplesQVGM 35/100
Quality (Q)58
ROE, ROCE, Margins & Cash Conversion
Value (V)30
P/E, P/B, EV/EBITDA vs Sector Benchmarks
Growth (G)25
3Y Sales & EPS Compounded Growth
Momentum (M)21
Relative Strength & Trend Position
TheScreener Radar™ 5-Pillar Quantitative Scorecard
Holistic quantitative radar evaluating fundamental quality, valuation multiples, balance sheet health, growth, and price momentum
Sector Rank:Rank #24 of 29 in Consumer Staples
Valuation
Weak30/100
P/E Ratio:46.12x
P/B Ratio:7.15x
Dividend Yield:0.36%
P/E, P/B, EV/EBITDA & Dividend Yield relative to 5Y medians and sector
Growth
Weak25/100
3Y Sales CAGR:—
3Y PAT CAGR:—
Quarterly YoY:+12.4%
3-Year Compounded Sales & Net Profit Growth trajectory
Profitability
Moderate58/100
ROE:22.6%
ROCE:26.8%
OPM %:—
Return on Equity (ROE), ROCE & Operating Margin efficiency
Solvency & Health
Strong78/100
Piotroski F-Score:7/9
Altman Z-Score:5.25
Debt / Equity:0.00
Balance Sheet strength, Altman Z-Score & Piotroski F-Score checklist
Momentum
Weak21/100
1Y Return:—
RSI (14):54.2
From 52W High:—
1-Year Relative Strength vs NIFTY 500, RSI-14 & 52W High distance
Quantitative Drivers & Growth Analysis
52-week corridor, deep valuation multiples, compounded CAGR trajectory, and institutional flow shifts
52-Week Low₹382.20
From 52W High-23.91%
52-Week High₹544.05
Valuation MultiplesCash Flow & Yield
PEG Ratio13.91
Earnings Yield49.28%
Price / FCF2,510.54
FCF Yield0.04%
Payout Ratio0.74%
Net-Net Ratio-4.63
Solvency & SafetyPiotroski & Altman
Piotroski F-Score7/9
Altman Z-Score5.25
Graham Number₹515.50
1Y Flow & Margin ShiftsTrailing 12M
FII Stake:▼ 0.48%
DII Stake:▲ +0.76%
OPM Margin:▲ +4.25%
Net Margin:▲ +0.00%
Compounded Annual Growth Rate (CAGR Matrix)
Historical Fundamental Trajectory| Metric | QoQ Shift | YoY Shift | 1Y CAGR | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|
| Revenue Growth | ▲ +28.70% | ▲ +20.77% | 0.00% | 2.76% | 6.37% |
| Net Profit Growth | ▲ +74.33% | ▲ +15.47% | 0.00% | 5.38% | 8.11% |
| EPS Growth | ▲ +74.42% | ▲ +15.68% | -0.17% | 3.31% | 6.52% |
Intrinsic Valuation Models & DCF Sensitivity
Institutional DCF & Intrinsic Valuation Studio — VBL
2-Stage Discounted Cash Flow, Reverse DCF Implied Growth, and Benjamin Graham & Peter Lynch valuation benchmarks.
DCF Intrinsic Fair Value
₹143.9
Verdict:Overvalued (-65.2%)
Benjamin Graham Number
₹89.4
-78.4% vs CMPPeter Lynch Fair Value
₹44.8
-89.2% vs CMPReverse DCF Implied Growth
44.7% CAGR
Aggressive Expectations (Priced for Perfection)Valuation Spectrum PositioningCMP: ₹414.0
₹0 (Distress)CMP: ₹414DCF: ₹144Graham: ₹89
Scenario Calibration & Sensitivity Levers
Tune Discount Rate (WACC), 5-Year Growth, and Terminal Value to model bear, base, and bull cases.
Discount Rate (WACC)11.5%
Cost of Capital Hurdle
5-Year FCF Growth CAGR12.1%
Assumed stage-1 cash flow expansionTerminal Growth Rate4.5%
Long-term perpetual GDP growth rate5-Year Projected Cash Flow Schedule (₹ Cr)
| Projection Period | Growth Rate | Projected FCF | Discount Factor | Present Value |
|---|---|---|---|---|
| Year 1 | 12.1% | ₹2,760 | 0.8969 | ₹2,475 |
| Year 2 | 12.1% | ₹3,094 | 0.8044 | ₹2,489 |
| Year 3 | 12.1% | ₹3,468 | 0.7214 | ₹2,502 |
| Year 4 | 12.1% | ₹3,888 | 0.6470 | ₹2,516 |
| Year 5 | 12.1% | ₹4,358 | 0.5803 | ₹2,529 |
2D Sensitivity Matrix (WACC vs Terminal Growth Rate)
Click any cell to apply WACC & terminal growth scenario. Values in ₹ / share.| WACC \ g(Terminal) | 3.0% | 4.0% | 4.5% | 5.0% | 6.0% |
|---|---|---|---|---|---|
| 10.0% | ₹152 -63% | ₹172 -58% | ₹186 -55% | ₹202 -51% | ₹246 -41% |
| 11.0% | ₹131 -68% | ₹146 -65% | ₹156 -62% | ₹167 -60% | ₹195 -53% |
| 11.5% | ₹123 -70% | ₹136 -67% | ₹144 -65% | ₹153 -63% | ₹176 -57% |
| 12.0% | ₹116 -72% | ₹127 -69% | ₹134 -68% | ₹141 -66% | ₹161 -61% |
| 13.0% | ₹103 -75% | ₹112 -73% | ₹117 -72% | ₹123 -70% | ₹137 -67% |
Discounted cash flow (DCF) and valuation models are quantitative projections based on user-supplied assumptions — not a forecast, not a guarantee of future performance, and not SEBI-registered investment advice. Actual financial performance and stock price movements may differ materially.
New to intrinsic valuation models? Learn how Discounted Cash Flow and Terminal Growth rates work.Read DCF Academy Guide →
Valuation history
P/E46.12current
ReportedComputed, approximate
P/B7.15current
ReportedComputed, approximate
The dashed line is computed from historical close price divided by the most recently reported annual EPS or book value — not IndianAPI's own figure, which only ever gives a single current reading with no history behind it. Real results are typically disclosed several weeks after the fiscal year ends, so a computed point right around a year transition can lag what the market actually knew that day. The solid line is the real reported figure.
EV/EBITDA is not shown — there is no verified source for it in our data feed, and estimating it would misrepresent an estimate as a reported figure.
| Date | P/E | P/B |
|---|---|---|
| 31 Aug 2026 | 46.12 | 7.15 |
Analyst Consensus, Price Targets & Forecasts
Analyst Consensus & Recommendations
Aggregated institutional equity research ratings · 31 Aug 2026
Strong Buy(1.56 / 5)
Strong Buy:14
Buy:8
Hold:3
Sell:0
Strong Sell:0
Coverage: 25 contributing analystsScale: 1 (Strong Buy) – 5 (Strong Sell)
Ratings shown are third-party analyst estimates compiled from institutional brokers. They do not constitute investment advice.
Risk Profile & Volatility
Statistical return volatility classification · 31 Aug 2026
Balanced risk
Low RiskModerate RiskHigh Risk
Annualised Standard Deviation:33.00%
Analyst Price Targets
12-month forward price consensus · 31 Aug 2026
Upside: +34.32%
Mean Target₹556.00vs CMP ₹413.95
High Target₹657.00+58.7% max upside
Low Target₹450.008.7% downside
Median Target₹557.0023 estimates
Low: ₹450.00Mean: ₹556.00High: ₹657.00
Mean Target Current Price (₹413.95)
Price targets are third-party analyst estimates compiled from institutional brokers. They do not constitute investment advice.
Forward Financial Forecasts & Consensus Estimates
Institutional broker consensus estimates and forward earnings trajectory
FY2023EConsensus
Mean Estimate
₹33.00
Low:—
High:—
FY2023EConsensus
Mean Estimate
₹9.63
Low:—
High:—
FY2023EConsensus
Mean Estimate
—
Low:—
High:—
FY2023EConsensus
Mean Estimate
₹2.55
Low:—
High:—
FY2024EConsensus
Mean Estimate
₹24.08
Low:—
High:—
FY2024E1 Analysts
Mean Estimate
₹1.91
Low:—
High:—
FY2024E1 Analysts
Mean Estimate
₹0.56
Low:—
High:—
FY2024EConsensus
Mean Estimate
₹10.33
Low:—
High:—
FY2025E4 Analysts
Mean Estimate
₹2.19
Low:—
High:—
FY2025E4 Analysts
Mean Estimate
₹3.89
Low:—
High:—
FY2025E2 Analysts
Mean Estimate
₹2.15
Low:—
High:—
FY2025E3 Analysts
Mean Estimate
₹0.74
Low:—
High:—
FY2026E4 Analysts
Mean Estimate
₹4.50
Low:—
High:—
FY2026E3 Analysts
Mean Estimate
₹1.03
Low:—
High:₹1.00
FY2026E2 Analysts
Mean Estimate
₹2.58
Low:—
High:—
FY2026E3 Analysts
Mean Estimate
₹2.33
Low:₹2.00
High:₹2.00
FY2027E2 Analysts
Mean Estimate
₹3.00
Low:₹2.00
High:₹3.00
FY2027E1 Analysts
Mean Estimate
₹2.93
Low:₹2.00
High:₹2.00
FY2027E1 Analysts
Mean Estimate
₹3.28
Low:₹3.00
High:₹3.00
FY2027E2 Analysts
Mean Estimate
₹2.94
Low:₹2.00
High:₹3.00
| Period / Fiscal Year | Consensus Mean | Bull Case (High) | Bear Case (Low) | Brokers |
|---|---|---|---|---|
| FY2023 Forecast | ₹33.00 | — | — | — |
| FY2023 Forecast | ₹9.63 | — | — | — |
| FY2023 Forecast | — | — | — | — |
| FY2023 Forecast | ₹2.55 | — | — | — |
| FY2024 Forecast | ₹24.08 | — | — | — |
| FY2024 Forecast | ₹1.91 | — | — | 1 |
| FY2024 Forecast | ₹0.56 | — | — | 1 |
| FY2024 Forecast | ₹10.33 | — | — | — |
| FY2025 Forecast | ₹2.19 | — | — | 4 |
| FY2025 Forecast | ₹3.89 | — | — | 4 |
| FY2025 Forecast | ₹2.15 | — | — | 2 |
| FY2025 Forecast | ₹0.74 | — | — | 3 |
| FY2026 Forecast | ₹4.50 | — | — | 4 |
| FY2026 Forecast | ₹1.03 | ₹1.00 | — | 3 |
| FY2026 Forecast | ₹2.58 | — | — | 2 |
| FY2026 Forecast | ₹2.33 | ₹2.00 | ₹2.00 | 3 |
| FY2027 Forecast | ₹3.00 | ₹3.00 | ₹2.00 | 2 |
| FY2027 Forecast | ₹2.93 | ₹2.00 | ₹2.00 | 1 |
| FY2027 Forecast | ₹3.28 | ₹3.00 | ₹3.00 | 1 |
| FY2027 Forecast | ₹2.94 | ₹3.00 | ₹2.00 | 2 |
Third-party broker forecasts compiled from institutional research houses, not IndiScreener's proprietary estimates. Provided strictly for analytical benchmarking and does not constitute investment advice.
Forensic Accounting Audit & Solvency Risk
Accounting Health & Governance Quality Radar
Algorithmic accounting analysis across balance sheet solvency, cash conversion efficiency, and ownership stability.
Clean Governance & Solvency
Financial Strengths & Catalysts
5 Factors- •Company has delivered a high Return on Equity (ROE) of 22.6%.
- •Company maintains conservative leverage with D/E of 0.33x.
- •Strong cash generation: Operating Cash Flow is 125.0% of reported Net Profit.
- •High promoter holding of 59.4% with zero encumbrance / pledge.
- •High institutional backing: FIIs & DIIs hold a combined 28.1%.
Risk Factors & Watchouts
1 Watchout- •Company has experienced sluggish sales growth of 2.8% CAGR over 3 years.
Forensic Accounting & Health Audit
Piotroski F-Score, Altman Z-Score Distress Model & Beneish Earnings Manipulation Checks
Piotroski F-Score7 / 9
● Strong (High Quality)
Altman Z-Score5.25
● Safe Zone
Negligible risk of financial distress over the next 2 years.
Beneish M-Score-2.53
● Low Risk (Clean Accounting)
Cash flows closely match reported earnings with conservative accruals.
Learn how Piotroski F-Score (9 criteria) and Altman Z-Score detect earnings manipulation and bankruptcy risk.Read Forensic Guide →
10-Year Financial Statements & DuPont ROE
Financial Statements
consolidated · amounts in ₹ Crores
Accounting Flow:
Wall Street Cash Flow & Free Cash Flow (FCF) Cascade
FY26 (2025-2026)3-Stage institutional flow from reported earnings to owner Free Cash Flow and capital allocation
FCF Conversion Rate (FCF / PAT)
81.1%Healthy
Measures how much reported accounting profit turns into real liquid cash.
Free Cash Flow Margin
11.1%of Gross Revenue
Liquid cash retained per ₹100 of top-line revenue generated.
CapEx Reinvestment Rate
35.1%of Operating Cash
Portion of operating cash reinvested in future capacity and maintenance.
Reported Net Profit (PAT)₹3,036 CrInflow
3,036
+ D&A Non-Cash Charge₹889 CrAdd-back
889
Working Capital Adjustment-₹130 Cr- Tied Up
130
= Operating Cash Flow (CFO)₹3,796 CrOperating Cash
3,796
- Capital Expenditures (CapEx)-₹1,334 CrReinvestment
1,334
= Free Cash Flow (FCF)₹2,462 CrFree Cash Flow
2,462
- Dividends & Debt Repayment-₹668 CrCapital Return
668
= Net Change in Cash₹1,794 CrNet Balance
1,794
Multi-Year Historical FCF vs Reported PAT Trajectory:
Free Cash Flow (FCF) Reported Net Profit (PAT)
| Metric | FY1931 Mar 2019 | 2018-201931 Dec 2019 | FY2031 Mar 2020 | 2019-202031 Dec 2020 | FY2131 Mar 2021 | 2020-202131 Dec 2021 | FY2231 Mar 2022 | 2021-202231 Dec 2022 | FY2331 Mar 2023 | 2022-202331 Dec 2023 | FY2431 Mar 2024 | 2023-202431 Dec 2024 | FY2531 Mar 2025 | 2024-202531 Dec 2025 | 2025-202631 Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,339.56 | ₹7,248.46 | ₹2,711.39 | ₹6,555.79 | ₹3,142.33 | ₹8,958.29 | ₹3,641.75 | ₹13,390.56 | ₹4,220.55 | ₹16,321.06 | ₹4,891.34 | ₹20,481.33 | ₹5,668.74 | ₹22,225.58 | ₹22,225.58 |
| Operating profit | ₹478.61 | ₹1,057.23 | ₹554.67 | ₹616.05 | ₹642.83 | ₹1,140.42 | ₹745.00 | ₹2,234.32 | ₹863.40 | ₹3,070.30 | ₹1,000.63 | ₹3,899.96 | ₹1,159.66 | ₹3,833.44 | ₹4,778.50 |
| OPM | 20.46% | 14.59% | 20.46% | 9.40% | 20.46% | 12.73% | 20.46% | 16.69% | 20.46% | 18.81% | 20.46% | 19.04% | 20.46% | 17.25% | 21.50% |
| Net profit | ₹314.68 | ₹468.98 | ₹341.05 | ₹329.00 | ₹413.59 | ₹694.05 | ₹436.99 | ₹1,497.43 | ₹568.21 | ₹2,055.92 | ₹586.35 | ₹2,594.63 | ₹746.23 | ₹3,036.49 | ₹3,036.49 |
| EPS | 72.52 | 1.46 | 78.59 | 1.22 | 95.31 | 2.20 | 100.70 | 4.87 | 130.94 | 6.53 | 135.12 | 8.12 | 171.96 | 8.97 | 8.95 |
| Net margin | 13.45% | 6.47% | 12.58% | 5.02% | 13.16% | 7.75% | 12.00% | 11.18% | 13.46% | 12.60% | 11.99% | 12.67% | 13.16% | 13.66% | 13.66% |
| ROE | 13.30% | 14.09% | 12.76% | 9.34% | 13.66% | 17.01% | 12.70% | 29.35% | 14.50% | 29.64% | 13.11% | 15.62% | 14.59% | 15.51% | 22.58% |
| ROCE | 16.94% | 17.14% | 13.66% | 10.23% | 16.44% | 17.38% | 15.74% | 29.21% | 15.28% | 27.83% | 18.05% | 20.95% | 14.59% | 17.84% | 26.77% |
| Debt / equity | 0.19 | 1.03 | 0.52 | 0.92 | 0.29 | 0.83 | 0.38 | 0.76 | 0.44 | 0.78 | 0.24 | 0.17 | 0.55 | 0.13 | 0.33 |
Compounded growth (CAGR)
| Metric | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|
| Revenue | 0.00% | 2.76% | 6.37% | 21.61% |
| Net profit | 0.00% | 5.38% | 8.11% | 22.06% |
| EPS | -0.17% | 3.31% | 6.52% | -21.06% |
Each column only appears when 15 real reported years actually support it — never extrapolated from fewer.
Balance sheet
| Metric | FY19 | 2018-2019 | FY20 | 2019-2020 | FY21 | 2020-2021 | FY22 | 2021-2022 | FY23 | 2022-2023 | FY24 | 2023-2024 | FY25 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ₹3,340.25 | ₹8,388.43 | ₹4,658.51 | ₹8,458.38 | ₹4,601.22 | ₹9,581.89 | ₹5,534.88 | ₹11,618.24 | ₹6,579.78 | ₹15,187.18 | ₹6,618.40 | ₹23,143.91 | ₹9,195.23 | ₹25,565.16 | ₹24,448.14 |
| Total liabilities | ₹3,340.25 | ₹5,060.01 | ₹4,658.51 | ₹4,934.38 | ₹4,601.22 | ₹5,501.98 | ₹5,534.88 | ₹6,515.86 | ₹6,579.78 | ₹8,250.69 | ₹6,618.40 | ₹6,534.08 | ₹9,195.23 | ₹5,986.45 | ₹11,001.66 |
| Total equity | ₹2,365.59 | ₹3,328.42 | ₹2,672.60 | ₹3,524.00 | ₹3,028.40 | ₹4,079.91 | ₹3,440.74 | ₹5,102.38 | ₹3,918.63 | ₹6,936.50 | ₹4,472.46 | ₹16,609.83 | ₹5,114.32 | ₹19,578.70 | ₹13,446.48 |
| Total debt | ₹459.96 | ₹3,417.17 | ₹1,389.41 | ₹3,240.56 | ₹881.51 | ₹3,386.76 | ₹1,292.95 | ₹3,883.81 | ₹1,732.63 | ₹5,431.31 | ₹1,069.84 | ₹2,826.25 | ₹2,833.78 | ₹2,508.18 | ₹4,400.66 |
| Cash | ₹267.22 | ₹83.56 | ₹372.68 | ₹64.17 | ₹368.10 | ₹135.95 | ₹442.79 | ₹100.38 | ₹526.38 | ₹180.88 | ₹529.47 | ₹220.99 | ₹735.62 | ₹178.56 | ₹2,933.78 |
| Current assets | ₹1,169.09 | ₹1,671.88 | ₹1,630.48 | ₹1,799.68 | ₹1,610.43 | ₹2,546.11 | ₹1,937.21 | ₹3,404.03 | ₹2,302.92 | ₹4,235.63 | ₹2,316.44 | ₹7,863.97 | ₹3,218.33 | ₹7,896.04 | ₹11,001.66 |
| Current liabilities | ₹734.86 | ₹2,220.29 | ₹1,024.87 | ₹2,434.95 | ₹1,012.27 | ₹3,020.25 | ₹1,217.67 | ₹3,968.75 | ₹1,447.55 | ₹4,153.21 | ₹1,456.05 | ₹4,524.43 | ₹2,022.95 | ₹4,073.94 | ₹6,112.03 |
| Inventory | ₹400.83 | ₹984.42 | ₹559.02 | ₹1,078.50 | ₹552.15 | ₹1,601.67 | ₹664.19 | ₹2,248.43 | ₹789.57 | ₹2,353.47 | ₹794.21 | ₹3,382.04 | ₹1,103.43 | ₹3,180.63 | ₹2,222.56 |
| Receivables | ₹350.93 | ₹175.45 | ₹406.71 | ₹244.89 | ₹471.35 | ₹225.61 | ₹546.26 | ₹303.29 | ₹633.08 | ₹365.12 | ₹733.70 | ₹865.37 | ₹850.31 | ₹1,254.33 | ₹2,667.07 |
| Payables | ₹280.75 | ₹477.66 | ₹325.37 | ₹511.39 | ₹377.08 | ₹711.75 | ₹437.01 | ₹824.26 | ₹506.47 | ₹758.25 | ₹586.96 | ₹1,560.43 | ₹680.25 | ₹1,401.30 | ₹2,000.30 |
| Net PP&E | ₹1,380.46 | ₹5,956.33 | ₹1,921.65 | ₹5,894.00 | ₹1,682.06 | ₹6,224.58 | ₹2,139.05 | ₹6,963.71 | ₹2,953.03 | ₹9,760.06 | ₹2,657.95 | ₹13,152.39 | ₹3,738.11 | ₹15,477.20 | ₹9,779.26 |
| Retained earnings | — | ₹425.85 | — | ₹674.08 | — | ₹1,266.58 | — | ₹2,612.63 | — | ₹4,443.18 | — | ₹6,626.15 | — | ₹9,174.49 | ₹10,084.86 |
Cash flow
| Metric | FY19 | 2018-2019 | FY20 | 2019-2020 | FY21 | 2020-2021 | FY22 | 2021-2022 | FY23 | 2022-2023 | FY24 | 2023-2024 | FY25 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | ₹340.82 | ₹1,307.60 | ₹362.55 | ₹1,011.99 | ₹408.35 | ₹1,231.42 | ₹435.16 | ₹1,790.03 | ₹657.71 | ₹2,390.78 | ₹671.56 | ₹3,381.10 | ₹728.21 | ₹3,509.31 | ₹3,795.61 |
| Capital expenditure | ₹-347.70 | ₹-753.63 | ₹-431.21 | ₹-559.67 | ₹-289.36 | ₹-834.80 | ₹-540.33 | ₹-1,800.99 | ₹-788.58 | ₹-3,264.05 | ₹-654.62 | ₹-3,779.01 | ₹-1,041.51 | ₹-2,739.10 | ₹1,333.53 |
| Free cash flow | ₹-6.87 | ₹553.97 | ₹-68.66 | ₹452.32 | ₹118.99 | ₹396.62 | ₹-105.16 | ₹-10.96 | ₹-130.86 | ₹-873.27 | ₹16.94 | ₹-397.91 | ₹-313.31 | ₹770.21 | ₹2,462.08 |
| OCF / net profit | — | 2.79 | — | 3.08 | — | 1.77 | — | 1.20 | — | 1.16 | — | 1.30 | — | 1.16 | 1.25 |
| FCF / Capex intensity | — | 10.40 | — | 8.54 | — | 9.32 | — | 13.45 | — | 20.00 | — | 18.45 | — | 12.32 | 0.06 |
Income statement detail
| Metric | FY19 | 2018-2019 | FY20 | 2019-2020 | FY21 | 2020-2021 | FY22 | 2021-2022 | FY23 | 2022-2023 | FY24 | 2023-2024 | FY25 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit | ₹1,286.76 | ₹3,550.01 | ₹1,491.27 | ₹3,344.47 | ₹1,728.28 | ₹4,366.62 | ₹2,002.96 | ₹6,297.42 | ₹2,321.30 | ₹7,941.19 | ₹2,690.24 | ₹10,304.40 | ₹3,117.81 | ₹11,153.31 | ₹7,778.95 |
| Cost of revenue | ₹1,052.80 | ₹3,698.45 | ₹1,220.13 | ₹3,211.32 | ₹1,414.05 | ₹4,591.67 | ₹1,638.79 | ₹7,093.14 | ₹1,899.25 | ₹8,379.88 | ₹2,201.10 | ₹10,176.93 | ₹2,550.93 | ₹11,072.27 | ₹14,446.63 |
| EBITDA | ₹526.47 | ₹1,545.86 | ₹610.14 | ₹1,144.75 | ₹707.11 | ₹1,671.68 | ₹819.50 | ₹2,804.09 | ₹949.75 | ₹3,751.21 | ₹1,100.69 | ₹4,847.35 | ₹1,275.63 | ₹5,049.90 | ₹4,889.63 |
| Income before tax | ₹419.58 | ₹696.27 | ₹454.73 | ₹362.51 | ₹551.45 | ₹1,006.61 | ₹582.66 | ₹2,023.64 | ₹757.62 | ₹2,739.36 | ₹781.80 | ₹3,433.09 | ₹994.97 | ₹4,009.65 | ₹4,038.53 |
| Interest expense | ₹57.43 | ₹371.42 | ₹66.56 | ₹252.84 | ₹77.14 | ₹116.85 | ₹89.40 | ₹154.27 | ₹103.61 | ₹287.38 | ₹120.08 | ₹460.67 | ₹139.16 | — | ₹1,111.28 |
| Tax expense | ₹103.85 | ₹224.07 | ₹112.55 | ₹5.23 | ₹136.48 | ₹260.56 | ₹144.21 | ₹473.52 | ₹187.51 | ₹637.55 | ₹193.50 | ₹798.80 | ₹246.25 | ₹947.61 | ₹1,002.04 |
| D&A | ₹47.86 | ₹488.63 | ₹55.47 | ₹528.70 | ₹64.28 | ₹531.26 | ₹74.50 | ₹569.77 | ₹86.34 | ₹680.91 | ₹100.06 | ₹947.39 | ₹115.97 | ₹1,216.46 | ₹889.02 |
| EBITDA margin | — | 21.33% | — | 17.46% | — | 18.66% | — | 20.94% | — | 22.98% | — | 23.67% | — | 22.72% | 22.00% |
Financial ratios
| Metric | FY19 | 2018-2019 | FY20 | 2019-2020 | FY21 | 2020-2021 | FY22 | 2021-2022 | FY23 | 2022-2023 | FY24 | 2023-2024 | FY25 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current ratio | — | 0.75 | — | 0.74 | — | 0.84 | — | 0.86 | — | 1.02 | — | 1.74 | — | 1.94 | 1.80 |
| Quick ratio | — | 0.31 | — | 0.30 | — | 0.31 | — | 0.29 | — | 0.45 | — | 0.99 | — | 1.16 | 1.44 |
| Interest coverage | — | 2.85 | — | 2.44 | — | 9.76 | — | 14.48 | — | 10.68 | — | 8.47 | — | — | 4.30 |
| Inventory days | — | 97.15 | — | 122.58 | — | 127.32 | — | 115.70 | — | 102.51 | — | 121.30 | — | 104.85 | 45.00 |
| Receivable days | — | 8.83 | — | 13.63 | — | 9.19 | — | 8.27 | — | 8.17 | — | 15.42 | — | 20.60 | 35.00 |
| Payable days | — | 47.14 | — | 58.12 | — | 56.58 | — | 42.41 | — | 33.03 | — | 55.97 | — | 46.19 | 40.00 |
| Cash conversion cycle | — | 58.85 | — | 78.09 | — | 79.93 | — | 81.55 | — | 77.65 | — | 80.75 | — | 79.26 | 40.00 |
| Working capital days | 37.18 | 30.00 | 35.55 | 30.00 | 65.85 | 30.00 | 58.48 | 30.00 | 64.88 | 30.00 | 50.25 | 30.00 | 74.76 | 30.00 | 30.00 |
| Fixed asset turnover | — | 1.22 | — | 1.11 | — | 1.44 | — | 1.92 | — | 1.67 | — | 1.56 | — | 1.44 | 2.27 |
| ROA | — | 5.59% | — | 3.89% | — | 7.24% | — | 12.89% | — | 13.54% | — | 11.21% | — | 11.88% | 12.42% |
| ROIC | — | 10.76% | — | 9.06% | — | 11.53% | — | 19.26% | — | 19.33% | — | 15.57% | — | 13.36% | 20.36% |
| Gross margin | — | 48.98% | — | 51.02% | — | 48.74% | — | 47.03% | — | 48.66% | — | 50.31% | — | 50.18% | 35.00% |
DuPont 3-Stage ROE Factor Decomposition
Deconstructing Return on Equity into Profitability, Asset Efficiency, and Financial Leverage
Balanced Return EngineFY2025-2026
Net marginProfitability
13.66%
Net Profit generated per ₹100 of revenue (Profitability)
×
Asset turnoverEfficiency
0.91
Revenue generated per ₹1 of total assets (Capital Efficiency)
×
Equity multiplierLeverage
1.82
Total assets supported per ₹1 of shareholder equity (Leverage)
=
Implied DuPont ROEFinal Output
22.58%
Reported: 22.58%
Explore the 3-Stage DuPont Formula: Net Margin × Asset Turnover × Leverage Multiplier.Read DuPont Guide →
Corporate Actions, Dividends & Capital Changes
Chronological Corporate Actions Registry
Historical stock splits, bonus shares, rights issues, and corporate schemes
| Year | Execution Date | Action Type | Ratio / Term |
|---|---|---|---|
| 2026 | 01 Aug 2026 | dividend | 25% |
| 01 May 2026 | dividend | 25% | |
| 08 Apr 2026 | dividend | 25% | |
| 2025 | 02 Aug 2025 | dividend | 25% |
| 07 May 2025 | dividend | 25% | |
| 04 Apr 2025 | dividend | 25% | |
| 2024 | 12 Sept 2024 | split | 2:5 |
| 09 Aug 2024 | dividend | 25% | |
| 04 Apr 2024 | dividend | 25% | |
| 2023 | 16 Aug 2023 | dividend | 25% |
| 15 Jun 2023 | split | 5:10 | |
| 12 Apr 2023 | dividend | 10% | |
| 2022 | 12 Aug 2022 | dividend | 25% |
| 07 Jun 2022 | bonus | 1:2 | |
| 2021 | 12 Aug 2021 | dividend | 25% |
| 12 Jun 2021 | bonus | 1:2 | |
| 2020 | 17 Aug 2020 | dividend | 25% |
| 2019 | 27 Aug 2019 | dividend | 25% |
| 27 Jul 2019 | bonus | 1:2 | |
| 2018 | 21 Aug 2018 | dividend | 25% |
| 2017 | 18 Aug 2017 | dividend | 0% |
| 18 Aug 2017 | dividend | 25% |
Dividend Intelligence & Capital Return History
Historical cash payout track record across 15 dividend distributions
Latest Year DPS:₹1.50
Yield on CMP:0.36%
3Y Dividend CAGR:-24.6%
Annual Dividend Payout Progression (Per Share)Total Cumulative DPS: ₹19.00
₹1.5
2026
₹1.5
2025
₹2.5
2024
₹3.5
2023
₹2.5
2022
₹2.5
2021
₹2.5
2020
₹2.5
2019
| Ex-Date | Amount (Per Share) | Dividend Type |
|---|---|---|
| 31 Jul 2026 | ₹0.50 | Interim |
| 30 Apr 2026 | ₹0.50 | Interim |
| 08 Apr 2026 | ₹0.50 | Final |
| 01 Aug 2025 | ₹0.50 | Interim |
| 07 May 2025 | ₹0.50 | Interim |
| 04 Apr 2025 | ₹0.50 | Final |
| 09 Aug 2024 | ₹1.25 | Interim |
| 04 Apr 2024 | ₹1.25 | Final |
| 14 Aug 2023 | ₹1.25 | Final |
| 14 Aug 2023 | ₹1.25 | Interim |
| 12 Apr 2023 | ₹1.00 | Final |
| 11 Aug 2022 | ₹2.50 | Interim |
| 11 Aug 2021 | ₹2.50 | Interim |
| 14 Aug 2020 | ₹2.50 | Interim |
| 26 Aug 2019 | ₹2.50 | Interim |
Industry Peer Group & Valuation Spread
Compare valuation multiples and market cap relative to sector competitors
Fast Moving Consumer GoodsCompare Peers in Studio
Market Cap1,38,004.57 ₹ cr
Beats 93% of 43 industry peers · median 15,732.47 ₹ cr
P/E46.12 x
Beats 58% of 36 industry peers · median 37.51 x
P/B7.15 x
Beats 61% of 36 industry peers · median 5.64 x
ROE15.11%
Beats 41% of 41 industry peers · median 16.54%
ROCE16.05%
Beats 39% of 41 industry peers · median 18.38%
Debt to Equity0.43 x
Beats 53% of 40 industry peers · median 0.41 x
Net Margin13.47%
Beats 76% of 41 industry peers · median 12.55%
Dividend Yield0.36%
Beats 18% of 38 industry peers · median 1.02%
Revenue Growth (YoY)20.77%
Beats 73% of 41 industry peers · median 13.72%
| Company | Market Cap ▼ | P/E | P/B |
|---|---|---|---|
Hindustan Unilever Ltd.HINDUNILVR | ₹4.70 L | 44.43 | 9.69 |
ITC Ltd.ITC | ₹3.33 L | 16.29 | 4.65 |
Nestle India Ltd.NESTLEIND | ₹2.81 L | 79.89 | 54.22 |
Britannia Industries Ltd.BRITANNIA | ₹1.26 L | 50.47 | 25.04 |
United Spirits Ltd.UNITDSPR | ₹1.08 L | 62.74 | 12.27 |
Peers are chosen strictly by industry classification. A classification doesn't always describe what a company actually competes in, but gives an objective starting point across the universe.
Regulatory Filings & Market Intelligence
Corporate Filings & Document Vault
SEBI LODR VerifiedAudited Annual Reports, Investor Decks, Earnings Concall Transcripts, and Board Resolutions for Varun Beverages Ltd. (VBL)
Indexed Documents8 Filings
Latest Disclosure04 Aug 2026
AGM / EGM04 Aug 2026
Varun Beverages Ltd: Notice of Annual General Meeting and Record Date for Dividend
Press Release09 Jul 2026
Varun Beverages Ltd: Press Release: Business Updates and New Strategic Initiatives
Board Outcome03 Jul 2026
Varun Beverages Ltd: Outcome of Board Meeting for Approval of Audited Financial Results
Concall Transcript15 Jun 2026
Varun Beverages Ltd: Transcript of Earnings Conference Call with Institutional Investors
Secretarial Filing28 May 2026
Varun Beverages Ltd: Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
Shareholding16 May 2026
Varun Beverages Ltd: Quarterly Statement of Shareholding Pattern filed with NSE/BSE
Corporate Action17 Apr 2026
Varun Beverages Ltd: Recommendation of Final Dividend for the Financial Year 2025-26
News
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Choice Broking predicts a 31% upside for Varun Beverages' shares, setting a target price of ₹550, driven by growth in India and international markets. The broker expects strong revenue and margin improvements, despite rising competition and regulatory risks.
- IndianAPISugar spike puts FMCG margins under fresh pressure
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- IndianAPIVarun Beverages to enter alcoholic drinks business, forms new subsidiary
Varun Beverages launches KIVA Spirits to enter the RTD alcohol market. It aims to diversify its product range and enhance its market presence, having recently partnered with Asahi Group and Carlsberg, while also reporting significant profit growth for the June quarter.
- IndianAPIMilk-based drinks emerge as a new growth frontier
Consumer goods companies are giving milk-based drinks a protein boost as health-conscious consumers shift towards on-the-go products.
- IndianAPICoca-Cola's India value market share slips in June quarter
Coca-Cola had introduced low-priced variants of its products as the Indian market faced stiff competition from Reliance's Campa Cola
- IndianAPICoca-Cola's India value market share slips in June quarter
Coca-Cola had introduced low-priced variants of its products as the Indian market faced stiff competition from Reliance's Campa Cola
- IndianAPIVarun Beverages misses June quarter estimates, says Campa isn't hurting growth
The PepsiCo bottler missed June-quarter estimates as margins came under pressure but said its India business continues to grow above 20%, arguing Campa Cola's expansion is broadening the market rather than taking share from Varun.
- IndianAPIVarun Beverages misses June quarter estimates, says Campa isn't hurting growth
The PepsiCo bottler missed June-quarter estimates as margins came under pressure but said its India business continues to grow above 20%, arguing Campa Cola's expansion is broadening the market rather than taking share from Varun.
- IndianAPIVarun Beverages Q2 Results: Net profit rises 15% to ₹1,525 crore, revenue up 20%; dividend declared
Varun Beverages reported strong Q2 results for 2026 with net profit increasing 15.1% to ₹1,525.36 crore. Revenue rose 20.4% to ₹8,451.23 crore. The board approved a 25% interim dividend, while EBITDA climbed 17.2% to ₹2,343.04 crore despite a slight margin decline.
- IndianAPIVarun Beverages Q2 Results: Net profit rises 15% to ₹1,525 crore, revenue up 20%; dividend declared
Varun Beverages reported strong Q2 results for 2026 with net profit increasing 15.1% to ₹1,525.36 crore. Revenue rose 20.4% to ₹8,451.23 crore. The board approved a 25% interim dividend, while EBITDA climbed 17.2% to ₹2,343.04 crore despite a slight margin decline.
- IndianAPIQ1 results 2026: L&T to HUL among companies to declare Q1 results today; full list here
Larsen and Toubro (L&T), Hindustan Unilever (HUL), Varun Beverages, Tata Capital, Suzlon Energy, and Ambuja Cements are among the companies to report their Q1 results FY27 next week.
- IndianAPIQ1 results 2026: L&T to HUL among companies to declare Q1 results today; full list here
Larsen and Toubro (L&T), Hindustan Unilever (HUL), Varun Beverages, Tata Capital, Suzlon Energy, and Ambuja Cements are among the companies to report their Q1 results FY27 next week.
- IndianAPIFrom Gift Nifty, US chip stocks sell-off to oil prices: 8 key things that changed for Indian stock market overnight
Gift Nifty was trading around 24,000 level, a discount of nearly 28 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.
- IndianAPIFrom Gift Nifty, US chip stocks sell-off to oil prices: 8 key things that changed for Indian stock market overnight
Gift Nifty was trading around 24,000 level, a discount of nearly 28 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.
- IndianAPIStock market today: Gift Nifty hints a weak start; eight day trading stocks to buy on Tuesday, 21 July
Indian stock markets are expected to open weakly, reflecting investors' caution amid geopolitical tensions and mixed global cues. The Sensex and Nifty 50 both faced declines due to heightened concerns over the US-Iran conflict and rising crude oil prices.
- IndianAPIStock market today: Gift Nifty hints a weak start; eight day trading stocks to buy on Tuesday, 21 July
Indian stock markets are expected to open weakly, reflecting investors' caution amid geopolitical tensions and mixed global cues. The Sensex and Nifty 50 both faced declines due to heightened concerns over the US-Iran conflict and rising crude oil prices.
- IndianAPIStock market today: Gift Nifty hints a flat start; eight day trading stocks to buy on Friday, 17 July
The Indian stock market is set to open cautiously due to geopolitical tensions and weak global cues. The BSE Sensex closed slightly up, while the Nifty 50 saw a minor decline. Elevated crude prices and FPI selling reflect uncertainty among investors amid ongoing conflicts in the Middle East.
- IndianAPIStock market today: Gift Nifty hints a flat start; eight day trading stocks to buy on Friday, 17 July
The Indian stock market is set to open cautiously due to geopolitical tensions and weak global cues. The BSE Sensex closed slightly up, while the Nifty 50 saw a minor decline. Elevated crude prices and FPI selling reflect uncertainty among investors amid ongoing conflicts in the Middle East.
- IndianAPIStock market today: Gift Nifty hints muted start; seven day trading stocks to buy on Wednesday, 15 July
The Indian stock market is expected to open subdued due to mixed global cues and ongoing geopolitical tensions. The Sensex fell 561.46 points, while the Nifty 50 decreased by 158.95 points. Traders remain cautious amidst elevated oil prices and fresh US-Iran hostilities.
- IndianAPIStock market today: Gift Nifty hints muted start; seven day trading stocks to buy on Wednesday, 15 July
The Indian stock market is expected to open subdued due to mixed global cues and ongoing geopolitical tensions. The Sensex fell 561.46 points, while the Nifty 50 decreased by 158.95 points. Traders remain cautious amidst elevated oil prices and fresh US-Iran hostilities.
For informational and educational purposes only. Not investment advice. Data may be delayed or incomplete. Consult a SEBI-registered investment adviser before making investment decisions.